What are the economic and ethical implications of a federally imposed tax on those making more than $1,000,000 annually? The answer comes in four parts. The first outlines specifics of the controversial millionaire’s tax, recently proposed by President Obama. The second part discusses the economic ramifications of the proposed millionaire’s tax. The third part views the ethics of the proposed millionaire’s tax. The fourth part suggests a policy based on Aristotle’s principle of the Golden Mean.
Part 1: “The Buffett Rule”
In September, 2011, President Obama announced a proposal which claimed that by ...